A huge slump in Macau income has been reported lately. Predictions for the gambling Mecca’s future aren’t optimistic.
According to Bloomberg Business, ever since last year’s June, the revenue of the world’s largest, most exotic gambling hub has been subpar. Not long ago, Macau’s Gaming Inspection and Coordination Bureau released the report holding the worrying information. The gross gaming revenue fell by almost 35% to USD 2.3 billion. Although the region is now looking into options on developing in other areas of entertainment, change has to come fast.
Macau poker rooms and huge casino resorts like the Venetian, the largest in the world, are in trouble mainly due to government legislation. As we reported earlier, the lowered Macau income has Beijing to thank for most of its hardship. The government’s anti-corruption laws and strict visa granting rules are keeping the real high rollers out and the city stuck with growing pains.
No Signs Yet of a Macau Income Stabilization
Of course, gambling news is blowing up over the matter; we have seen gambling empires crash and burn because of restricting legislation. For Macau, there is still hope. If they manage to grasp the attention of other tourists as a region, which isn’t only about gambling, it might just have a chance at erasing the decrease and turning over a new leaf. At the very least, the region’s income should stagnate.
As Bloomberg reports, MGM China Holdings Ltd. slumped 3.7%; Wynn Macau Ltd. dropped 4.6%, Sands China Ltd. fell by 1.2%; SJM Holdings Ltd. and Galaxy Entertainment Group Ltd. both rolled further down the hill by 2.8%.
Future plans of Beijing remain unknown regarding this matter, which is also worrisome. The question is: when will the government decide that they have suppressed fraudulent activities enough to loosen the reigns a bit? Or will these strict rules victor over the need of the gambling Mecca to finally stand on its own two feet?